Any current/future new fundraising through debt or equity?

Equity infusion: The company mentioned an equity requirement of around ₹2,100 crores for operational and under-construction HAM and power transmission projects to be infused over the next 2.5 years, with ₹150-200 crores expected in the remainder of fiscal 2024. Annual equity investment is expected to be in the range of ₹700-750 crores. Fundraising for projects: Equity contributions of ₹450 crores have already been invested in the first nine months of the current year. Debt levels: Standalone borrowing as of December 2023 stands at around ₹900 crores with a low debt-to-equity ratio of 0.16x;

Any current/future capex/capital investment/strategic investment?

For FY24, the company expects CAPEX not to exceed ₹100 crores, with around ₹80 crores already spent in the first nine months. Major ongoing CAPEX is for an office building construction in Gurgaon, accounting for about ₹50 crores of this investment. For FY25, overall CAPEX commitment is estimated around ₹125 crores, including ₹50-75 crores for plant and machinery. Equity infusion planned is around ₹700-750 crores annually for the next few years to support ongoing and new projects. Approximately ₹2,100 crores equity is required for the current portfolio over the next 2.5 years, with ₹150-200 cro

Future growth expectations in sales/revenue/volumes?

FY25 revenue expected to be flattish or decline by 0% to 5%, impacted by delays in appointed dates for projects. For FY26, the company targets revenue of ₹15,000 crores with an expected 15% to 25% growth over FY25. Order book for FY26 includes an anticipated additional ₹5,000 crores in the current financial year helping drive growth. Q4 revenue for FY24 expected to show 10% year-on-year growth, possibly reaching around ₹2,200 crores for the quarter. The company sees strong bidding pipeline of ~₹2 lakh crores across EPC, HAM, and BOT projects for future years. Entry into new EPC secto

Future growth expectations in earnings/operating earnings/profits/EPS?

FY26 revenue target is ₹15,000 crores with 15%-25% growth expected over FY25, driven by order book expansion (Ajendra Agarwal). FY25 revenue expected to be flat or decline by up to 5%, with margin guidance around 13%-13.5%. Q4 FY24 anticipates revenue growth of about 10% year-on-year, with a margin target of approximately 14%. Margin normalization to 14%-15% expected as more HAM projects move into execution. Equity investment planned around ₹700-750 crores annually through FY25-27 for order book growth. Diversification into building EPC, waterways, and transmission sectors is under evaluation,

Current/ Expected Orderbook/ Pending Orders?

Order book at the end of December 2023 is around ₹18,680 crores (excluding two L1 projects worth ₹573 crores). Pending orders with appointed dates (AD) not yet declared total approximately ₹9,200 crores. Expecting appointed dates to be declared for about ₹4,000 crores worth of projects within the current financial year. Projected order inflow target for FY25 is around ₹15,000 crores. Expecting another ₹4,000-5,000 crores order inflow in the current financial year from ongoing bidding. A strong bid pipeline of about ₹2 lakh crores of road projects, including EPC, HAM, and BOT, is visible. BOT p

G R InfraprojectQ3 FY24Construction

G R Infraproject Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹790P/E: 8.4Market Cap: ₹7.9K CrSector: Construction

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

FY25 revenue expected to be flattish or decline by 0% to 5%, impacted by delays in appointed dates for projects.
For FY26, the company targets revenue of ₹15,000 crores with an expected 15% to 25% growth over FY25.
Order book for FY26 includes an anticipated additional ₹5,000 crores in the current financial year helping drive growth.
Q4 revenue for FY24 expected to show 10% year-on-year growth, possibly reaching around ₹2,200 crores for the quarter.
The company sees strong bidding pipeline of ~₹2 lakh crores across EPC, HAM, and BOT projects for future years.
Entry into new EPC sectors like waterways and building construction could potentially match current highway revenues within 3 years, supporting diversified growth.
Overall, the company is optimistic about resuming revenue growth post FY25 with doubledigit growth expected in FY26.

Margin guidance

Category 3

FY26 revenue target is ₹15,000 crores with 15%-25% growth expected over FY25, driven by order book expansion (Ajendra Agarwal).
FY25 revenue expected to be flat or decline by up to 5%, with margin guidance around 13%-13.5%.
Q4 FY24 anticipates revenue growth of about 10% year-on-year, with a margin target of approximately 14%.
Margin normalization to 14%-15% expected as more HAM projects move into execution.
Equity investment planned around ₹700-750 crores annually through FY25-27 for order book growth.
Diversification into building EPC, waterways, and transmission sectors is under evaluation, aiming to supplement highway revenue in 3 years.
BOT toll projects expected to form a significant portion (50%-60%) of the ₹15,000 crores order book, enhancing profitability potential.
Asset monetization via InvIT launch expected soon, supporting capital for growth and potential margin stability.

See what G R Infraproject management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Equity infusion: The company mentioned an equity requirement of around ₹2,100 crores for operational and under-construction HAM and power transmission projects to be infused over the next 2.5 years, with ₹150-200 crores expected in the remainder of fiscal 2024. Annual equity investment is expected to be in the range of ₹700-750 crores.
Fundraising for projects: Equity contributions of ₹450 crores have already been invested in the first nine months of the current year.
Debt levels: Standalone borrowing as of December 2023 stands at around ₹900 crores with a low debt-to-equity ratio of 0.16x; consolidated borrowings are about ₹6,988 crores with 1.1x debt-to-equity.
Asset monetization: The company’s InvIT (Infrastructure Investment Trust) filing with SEBI is on track with an expected launch by end of February or early March 2024 to monetize BOT toll/HAM assets, which will aid fundraising and capital recycling.
No explicit new debt fundraising announced currently, focus appears on equity infusion and InvIT monetization.

Order book

Order book at the end of December 2023 is around ₹18,680 crores (excluding two L1 projects worth ₹573 crores).
Pending orders with appointed dates (AD) not yet declared total approximately ₹9,200 crores.
Expecting appointed dates to be declared for about ₹4,000 crores worth of projects within the current financial year.
Projected order inflow target for FY25 is around ₹15,000 crores.
Expecting another ₹4,000-5,000 crores order inflow in the current financial year from ongoing bidding.
A strong bid pipeline of about ₹2 lakh crores of road projects, including EPC, HAM, and BOT, is visible.
BOT projects form a significant share, with targeted BOT order inflows around ₹7,500 crores out of the ₹15,000 crores guidance.
Equity investment requirement for ongoing and upcoming projects is approximately ₹2,100 crores over 2.5 years.

See what G R Infraproject management said on order book — free account, 30 seconds.

Capex plans

Yes

For FY24, the company expects CAPEX not to exceed ₹100 crores, with around ₹80 crores already spent in the first nine months.
Major ongoing CAPEX is for an office building construction in Gurgaon, accounting for about ₹50 crores of this investment.
For FY25, overall CAPEX commitment is estimated around ₹125 crores, including ₹50-75 crores for plant and machinery.
Equity infusion planned is around ₹700-750 crores annually for the next few years to support ongoing and new projects.
Approximately ₹2,100 crores equity is required for the current portfolio over the next 2.5 years, with ₹150-200 crores expected to be infused during FY24.
The company is actively evaluating strategic investments and diversification into EPC sectors like waterways, building construction, transmission, and railway projects; a conclusive plan is expected within 3-4 months.

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